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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: April 30, 2000
Old Kent Financial Corporation
(Exact name of registrant as
specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification no.) |
Grand Rapids, Michigan (Address of principal executive offices) |
49503 (Zip Code) |
Registrant's telephone number,
including area code: (616) 771-5000
Item 5. | Other Events. |
Old Kent Financial Corporation ("Old Kent") acquired Grand Premier Financial, Inc. ("Grand Premier"), a holding company with headquarters in Wauconda, Illinois, in a transaction that was effective as of April 1, 2000. All outstanding shares of Grand Premier common stock were converted into Old Kent common stock, except for insignificant cash payments for fractional shares. All outstanding shares of Grand Premier preferred stock were converted into Old Kent preferred stock with substantially identical terms. Old Kent accounted for the acquisition as a pooling-of-interests.
ASR 135, as interpreted by SAB 65, indicates that no affiliate of either combining company may reduce its risk relating to its shareholder position during a period ending when financial results including at least 30 days of post-merger combined operations have been published. This Form 8-K is filed for the purpose of publishing combined operating results to satisfy this provision. The following is condensed, consolidated unaudited statement of the results of operations of Old Kent Financial Corporation and its subsidiaries for the month ended April 30, 2000.
Pre-tax income for April 2000 includes estimated one-time merger related charges of $30 million. These estimated charges result in a $20 million negative impact to net income. Operating results for the one month period ended April 30, 2000, are not necessarily indicative of the results that may be expected for the six- or three-month period ending June 30, 2000 or the year ending December 31, 2000.
The following statement does not include all of the information and the footnotes
required by generally accepted accounting principles for complete financial
statements. For further information, reference should be made to the consolidated
financial statements and footnotes included in Old Kent Financial Corporation's
annual report on Form 10-K for the year ended December 31, 1999.
Month Ended April 30, 2000 |
Interest Income |
$ 132,350
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Interest Expense |
67,458
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Net Interest Income |
64,892
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Provision for Loan Losses |
6,951
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Net Interest Income After Provision |
57,941
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Other Income: | |||||
Mortgage Banking Revenues |
13,658
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Investment Management & Trust Revenues |
7,297
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Deposit Account Revenues |
6,250
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Other Income |
8,290
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Total Other Income |
35,495
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Other Expenses: | |||||
Salary and Benefits Expense |
31,918
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Occupancy & Equipment |
8,382
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Other Expenses |
45,736
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Total Other Expenses |
86,036
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Income before Taxes |
7,400
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Income Taxes |
1,998
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Net income |
$ 5,402
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: May 19, 2000 | OLD KENT FINANCIAL CORPORATION
(Registrant) By: /s/ Janet S. Nisbett Janet S. Nisbett Senior Vice President and Controller |
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